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Warrants to Acquire Shares of Common Stock | 6 Months Ended
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Jun. 30, 2021
Warrants and Rights Note Disclosure [Abstract] |
Warrants to Acquire Shares of Common Stock | Warrants to Acquire Shares of Common Stock Warrants Outstanding The following is a summary of the activity of the Company's warrants to acquire shares of common stock for the six months ended June 30, 2021 (in thousands):
Warrant Issuance | Outstanding, December 31, 2020 |  | Granted |  | Exercised |  | Canceled/Expired |  | Outstanding, June 30, 2021 |  | Expiration
July 2020 PIPE Offering | 445 |  |  | — |  |  | (420) |  |  | — |  |  | 25 |  |  | August 2025
January 2020 Offering | 719 |  |  | — |  |  | (410) |  |  | — |  |  | 309 |  |  | July 2025
June 2019 Offering | 2 |  |  | — |  |  | (1) |  |  | — |  |  | 1 |  |  | June 2024
March 2019 Exercise Agreement | 63 |  |  | — |  |  | — |  |  | — |  |  | 63 |  |  | March 2024
July 2018 Offering | 141 |  |  | — |  |  | (1) |  |  | — |  |  | 140 |  |  | July 2023
Other | 22 |  |  | — |  |  | — |  |  | (1) |  |  | 21 |  |  | November 2021 - November 2023
| 1,392 |  |  | — |  |  | (832) |  |  | (1) |  |  | 559 |  |  |
Warrants to acquire shares of common stock consist of warrants that may be settled in cash, which are liability-classified warrants, and equity-classified warrants. Warrants Classified as Liabilities Liability-classified warrants consist of warrants to acquire common stock issued in connection with certain previous equity financings. These warrants may be settled in cash and were determined not to be indexed to the Company’s common stock. The estimated fair value of outstanding warrants accounted for as liabilities is determined at each balance sheet date. Any decrease or increase in the estimated fair value of the warrant liability since the most recent balance sheet date is recorded in the consolidated statement of operations as change in fair value of warrant liability. The fair value of the warrants is estimated using a Black-Scholes pricing model with the following inputs:
As of June 30, 2021
Warrant Issuance | Outstanding (in thousands) |  | Strike price (per share) |  | Expected term (years) |  | Volatility % |  | Risk-free rate %
Other warrants (liability-classified) | 13 |  |  | $ | 7.50 |  |  | 2.26 |  | 151.45 | % |  | 0.30 | %
As of December 31, 2020
Warrant Issuance | Outstanding (in thousands) |  | Strike price (per share) |  | Expected term (years) |  | Volatility % |  | Risk-free rate %
Other warrants (liability-classified) | 13 |  |  | $ | 7.50 |  |  | 2.75 |  | 150.38 | % |  | 0.16 | %
The expected volatility assumptions are based on the Company's implied volatility in combination with the implied volatilities of similar publicly traded entities. The expected life assumption is based on the remaining contractual terms of the warrants. The risk-free rate is based on the zero coupon rates in effect at the time of valuation. The dividend yield used in the pricing model is zero, because the Company has no present intention to pay cash dividends. The changes in fair value of the warrant liability for the six months ended June 30, 2021 were as follows (in thousands):
Warrant Issuance | Warrant liability, December 31, 2020 |  |  |  |  |  |  |  | Change in fair value of warrants |  | Warrant liability, June 30, 2021
Other warrants (liability-classified) | $ | 55 |  |  |  |  |  |  |  |  | $ | 59 |  |  | $ | 114 |
| $ | 55 |  |  |  |  |  |  |  |  | $ | 59 |  |  | $ | 114 |

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- Definition The entire disclosure for freestanding contract indexed to and potentially settled in entity's own stock. Includes, but is not limited to, strike price and number of shares to which contract is indexed, settlement date, and settlement alternatives. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2229355 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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